By Devika Patel
Knoxville, Tenn., Feb. 23 - Probe Resources Ltd. announced it has arranged an $8.5 million credit facility. It also said it has negotiated a $6 million private placement of units to be conducted on a best-efforts basis.
The units consist of $1,000 in debentures and 1,000 warrants, which are each exercisable at $0.25 for five years.
The debentures carry a coupon of 18% and will mature in two years.
Settlement is expected March 31.
Becher McMahon Capital Markets Inc. is the agent.
Probe is an oil and natural gas exploration and production company based in Vancouver, B.C.
| Issuer: | Probe Resources Ltd.
|
| Issue: | Units of $1,000 in debentures and 1,000 warrants
|
| Amount: | $6 million
|
| Maturity: | March 31, 2011
|
| Coupon: | 18%
|
| Price: | Par of $1,000
|
| Yield: | 18%
|
| Warrants: | 1,000 per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.25
|
| Agent: | Becher McMahon Capital Markets Inc.
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 31
|
| Stock symbol: | TSX Venture: PBR
|
| Stock price: | C$0.195 at close Feb. 20
|
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